What SECTION 1231 PROPERTY means: Section 1231 property includes depreciable assets and real estate used in a trade or business and held for more than one year. Under certain circumstances, it also includes timber, coal, domestic iron ore, livestock (held for draft, breeding, dairy, or sporting purposes), and unharvested crops.
- Definition Standard Mileage Rate:
- Dictionary chooses not to deduct actual vehicle expenses for business use, for medical or charitable use, or for moving expenses may deduct a fixed rate for each mile of qualified use. See our Standard Mileage section 1231 property definition.
- Definition Section 179 Expense Deduction:
- Dictionary treat the cost of certain qualified property as a currently deductible expense rather than as a capital expenditure. This is also referred to as expensing. See Form 4562 for the current dollar limits section 1231 property explain.
- Definition Single:
- Dictionary The filing status used by an unmarried taxpayer who does not qualify for any other filing status section 1231 property what is.
- Definition Self-Employed Individuals:
- Dictionary for themselves. They decide when, how, and where to work, obtain their own jobs or sales, pay their own expenses, and receive social security and Medicare coverage through payment of self-employment section 1231 property meaning.
How works Section 1231 Property meaning in Tax definitions S .
